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How should a lease for a general capital asset be recorded in the governmental activities accounts at the inception of the lease? Multiple Choice Debit
How should a lease for a general capital asset be recorded in the governmental activities accounts at the inception of the lease?
Multiple Choice
Debit to a lease asset account.
Credit to Lease Obligations Payable.
Debit to a capital expenseexpenditure account.
Both Debit to a lease asset account and Credit to Lease Obligations Payable are correct.
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